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DISC, Chains Expansion, & Dividends Pool V2
It has been two weeks after our pilot launching on Shiden Network. Here’s what we have achieved so far:
- DEX accumulates $700K LP with 40K 24H Trading volume,
- Dividend Pool has bonded 800K STND at ~1.8% APY.
Not a bad start for an emerging chain. This is only the beginning, and we are going to announce our next steps: Chains expansion. But first of all, why?
DISC Vision & Chains Expansion
We seldom talk about this, however when our Dapp has surfaced and more development has tied to its succeed, it might be better to set a tone here.
Establishing the foundation of a native Decentralized Interoperable Settlement Currency or DISC, is what Standard Protocol has been building towards.
Our philosophy is to empower people with a truly decentralized, interoperable protocol that enables an universal currency with its own economy, through our algorithm powered by computational trust. Simply put, we vision in building a reliable stablecoin that will be usable anywhere. Hence our DEX & Dividends, DAO and Revenue Model design.
Stablecoin release is our ultimate goal in coming months, one key puzzle is still missing for the moment: interoperability. Not only the tokens should be interoperable across chain, but also the ecosystem that Standard Protocol is establishing. Chains expansion is hence become the next intuition we will start in parallel.
In short term, we are expanding our DEX Portal onto additional chains, and enabling liquidity services such as LP farming and token bridging as value-add to all partnered protocols. Once it’s mature, we will have a full launch of stablecoin across multiple chains to maximize the traction it needs.
Our next release is going back to Ethereum, on Tuesday, 16 Nov, APAC time.
Mark your calendar.
Preview on Dividend Pools V2
Launching on Shiden also brought us some learnings, in particular, how our Dividends Pool works. Explained previously, our Dividends Pool is one of the key mechanics in our revenue model to distribute income to the community, we do see rooms for improvement.
Three pain points that we want to address in the coming version:
- DAO utility of STND is constrained if members choose to bond as it’s locked down.
- Dividends reward is chain specific and contradicts to our direction to be a multichain protocol. i.e. lacks interoperability
- Enhancing to an era based dividend structure has very high space complexity: O(n³), which may introduce high gas fee in some chains.
After some internal discussion, we will have quick enhancement, by introducing a new reward token, dSTND.
Here’s the new mechanics of DP at a glance,
- DEX fee will first be converted to STND & stored in dSTND contract vault.
- People bound STND to mint dSTND, a reward representation of Dividend Pool reward.
- When people unbound STND, their dSTND will be consumed, principle STND and DP reward (in STND) will be returned.
Some benefits for this new design,
- STND-dSTND will be on DEX for those who seeks leverages on STND
- dSTND can be collateralized in our vault for stablecoin (USM) minting
- dSTND will be able to bridge freely to other chains through our portal.
- it’s computational cheaper than previous version. i.e. reduced gas fee.
The DPV2 enhancement will be effective starting from Ethereum release, which is tomorrow, so Ethereum members could enjoy a more efficient transactions over our DEX on its very first Day.
Stablecoin Protocol Going DISC
It’s the final straight road before our first goal — releasing our stablecoin Meter ($USM). We expand our footprint to a few more important EVM chains in the cryptoworld as our last preparation, along with continuous evolution of the protocol (Dividend Pool this time). With the direction in being a Decentralized Interoperable Settlement Currency, DISC, in mind, the upcoming month will surely be exciting.
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach.
We are launching our DEX and will also be the first native stablecoin Shiden Network, which unlocks financial opportunities to its community in both bullish and bearish market.